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Quarterback Joe Flacco and the Baltimore Ravens have agreed to terms on a six-year contract worth $120.6 million, making the Super Bowl MVP the highest-paid player in league history.

Of the $120.6 million, $52 million is guaranteed, a person with knowledge of the contract told USA TODAY Sports. The person requested anonymity because the contract has not been signed and details of the pact have not been made public by Flacco's representatives or the Ravens.

The deal will count $6.8 million against the Baltimore Ravens' $123 million salary cap this season and Flacco will receive $62 million for the first three years of the deal and $51 million for the first two years, the person said.

Flacco's $62 million average over the first three years trumps the $60 million New Orleans Saints quarterback Drew Brees received last summer in his six-year, $120-million deal, previously the most lucrative deal for an NFL player.

Flacco, 28, is expected to re-sign Monday with the team that drafted him 18th overall out of Delaware in 2008. The Ravens were faced with the prospect of applying the exclusive or non-exclusive franchise tag to the passer, or agreeing with his request for a new contract that would pay him more than $20 million a season.

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Flacco has never appeared in a Pro Bowl but led the Ravens to a 34-31 Super Bowl XLVII victory against the San Francisco 49ers last month in New Orleans. His agent, Joe Linta, did not respond to text messages and phone calls Friday.

Flacco turned down an extension last offseason, opting to play out the final year of his rookie deal. It's a gamble that paid off handsomely, with Flacco joking he'd make Ravens owner Steve Bisciotti pay up after his three-touchdown Super Bowl performance.

Locking up Flacco, who tied Joe Montana's mark by throwing 11 touchdowns and zero interceptions in one postseason, allows Baltimore to focus on its other potential free agents, a group that includes safety Ed Reed, linebacker Paul Kruger and tackle Bryant McKinnie. The cap-strapped Ravens also need to tender restricted free agents Arthur Jones, Dennis Pitta and Ed Dickson.

Flacco passed for 22 touchdowns and 10 interceptions during the 2012 regular season and owned the league's 12th-highest passer rating (87.7). However, he was the only starting quarterback to avoid throwing an interception in the 2012 playoffs.

Flacco is the only quarterback in NFL history to win a playoff game in each of his first five seasons and has reached the AFC Championship Game three times.